"The project seeks a USD 50M investment to construct 500 fiberglass fishing boats in Homa Bay County, optimizing fisheries resource utilization and enhancing the socio-economic well-being of fishing communities. With Homa Bay hosting over 70% of Kenya’s Lake Victoria surface area, the project aims to replace traditional wooden boats with durable fiberglass vessels, which have a lifespan of 15 years compared to 5-7 years for wooden boats. The investment will not only introduce modernized fishing equipment but also create opportunities for boat building, engine repair, insurance services, and skills training. The county, which accounts for 41.3% of Lake Victoria’s fishing vessels, relies heavily on outdated wooden boats, 98% of which are made from timber. Fiberglass boats, costing USD 100,000 each (including engine and accessories), offer enhanced safety, lower fuel consumption, and better insurance prospects. With an estimated return of USD 10 per boat per day, the investment is projected to break even within two years. Additional investment avenues include boat repair yards, engine assembly plants, and professional training centers. Beyond economic gains, the project presents significant social and environmental benefits by reducing deforestation linked to wooden boat construction and improving safety on the lake. No accidents have been reported with fiberglass boats in the last five years, highlighting their reliability. The investment will also create job opportunities by training local contractors in boat construction and maintenance while supporting eco-tourism, transportation, and sport fishing in the region."

Fisheries

Manufacturing

Equity Investment,Public Private Partnership

50000000

USD

Startup

Homa Bay